Australian Tax Year-End Approaching
The Australian government’s financial year begins July 1 of the previous year and concludes on June 30. The year ending on June 30, 2012 is referred to as “financial year 2011-12″ or sometimes just “financial year 2012”.
With the end of the financial year approaching, it is important for Australian businesses to understand their tax filing requirements.
Below is a quick guide to the Australian Employer Tax Year-End Requirements:
- Payment Summary Listing (similar to US W2)
- Purpose and/or Description: Employee earnings and taxes paid for Australian Taxation Office (ATO)
- Deadline: Due to employee no later than July 14, 2012
- Superannuation Report
- Purpose and/or Description: Year-to-date figures sent to Super funds
- Superannuation in Australia refers to the arrangements which people make in Australia to have funds available for them in retirement
- Superannuation payments due:
- By July 28, 2012 to satisfy superannuation guarantee charge (SGC) guidelines
- By June 30, 2012 to claim tax deduction
- Payroll Tax Annual Reconciliations
- Purpose and/or Description: Reconciliations to related State Revenue Offices
- Deadline: Payments due July 21, 2012
For the most up to date information (rates and limits) regarding Australian tax year-end, visit ato.gov.au.
TOPIC: Global Payroll
TAGS: Australia, australian payroll, Celergo, global payroll, international payroll, year-end